Trust Accounting and Client Money Policy

Purpose

Money a client gives us before it is earned, such as a retainer or money to pay a filing fee, belongs to the client. This policy explains how NEO keeps that money safe, as the Law Society of Ontario's By-Law 9 requires.

Who it applies to

The principal, who is responsible for the trust account, and anyone at the firm who handles payments or records.

Our policy

1. A separate trust account. Client money is kept in a trust account at a Canadian bank, separate from the firm's own money, and is never used for the firm's expenses.
2. Prompt deposits. Money received in trust is deposited promptly, as By-Law 9 requires.
3. Permitted withdrawals only. Money leaves trust only for permitted purposes: to pay a fee after an invoice has been delivered to the client, to pay a cost on the client's behalf, to refund the client, or as the client directs, using the withdrawal methods By-Law 9 allows.
4. Cash limits. We don't accept cash above the limits By-Law 9 sets for a client matter. Card and electronic payments are preferred.
5. Complete records. Every receipt and payment is recorded, with a ledger for each client and every entry tied to a matter.
6. Monthly reconciliation. Each month, the trust records are compared with the bank statement and every client ledger, and any difference is found and corrected.
7. Statements. Clients can see the money held for them on their invoices and in the client portal, and can ask for a statement of their trust ledger at any time.
8. Refunds. When a matter ends, any money left in trust is returned to the client promptly.

Annual reporting

The firm reports on its trust account to the Law Society every year in its annual report.

Review

This policy is reviewed at least once a year, and whenever the Law Society's By-Laws or rules change. The principal approves every change.

Questions

Email info@neolegalservices.com, call 647-200-3526 or toll-free 888-519-2435, or write to us at Unit 236, 1099 Kingston Road, Pickering, Ontario L1V 1B5.